The Olsens Are Producing Actually Affordable Handbags

It's fairly well-recognized in the fashion world that Mary-Kate and Ashley Olsen have a tendency to design outrageously pricey handbags that very few of us could even dream of purchasing. First, there was that $39,000 sold-out backpack that had Anderson Cooper up in arms, only to be outshone by a $55,000 version covered in prescription pills. So, there's that.

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Needless to say, it was big news this morning when it was announced that the Olsens are producing reasonably-priced handbags for their brand, Elizabeth and James. This line of leather goods will include more than just backpacks — think satchels, cross-body bags, clutches, and wallets — with price points ranging from $125 to $625.

"We've always wanted to do handbags," Ashley said, "but we really wanted to understand the market first and what was missing from the market and what's already existing on the market."

From the looks of it, Elizabeth and James has big plans for the two years. The twins plan to open a freestanding store by 2015, as well as an e-commerce site by 2014. Expect a fragrance with Sephora this spring, too.